SB1023 - 451R - House Bill Summary

House of Representatives

SB 1023

insurance; fee range increases

Sponsors: Senator Cirillo

DPA	Committee on Financial Institutions and Insurance
X	Caucus and COW	This bill as introduced contains *a PROP 108 clause.*
	As Passed the House	This bill as introduced contains *a PROP 108 clause.*

SB 1023 amends A.R.S. 20-167 to increase the Department of Insurance’s (DOI) fees and fee ranges.

History

Current statute mandates DOI to recoup 95-110% of its appropriated budget.

Provisions

· Doubles many of DOI’s current fee ranges.

· Adds prepaid dental plan organizations, mechanical reimbursement reinsurers, domestic stock life insurers, domestic stock disability insurers, domestic life reinsurers, domestic disability reinsurers and reinsurers to the parties entitled to the renewal of a certificate of authority.

· Incorporates domestic stock life insurers and domestic stock disability insurers to those entitled to credit that is to be applied to the premium tax.

· Requires the Director to collect $130 for a certificate of exemption from any insurer transacting a life or disability insurance or annuity business.

· Changes the annual fee charged to each insurer pursuant to A.R.S. 20-441 from $700 to $1,500 for the administration and operation of the fraud unit.

· Contains a Prop. 108 clause.

· Makes technical changes.

SB 1023 passed the Financial Institutions and Insurance Committee amended as follows:

· Increases the Department’s fee ranges by 50% instead of 100%.

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· 45th Legislature